Bangladeshi textile and garment company, by the name DBL, concluded a 15 million USD loan agreement with Swedfund to establish an integrated textile factory in Ethiopia, according to Ethiopian News Agency.
In addition to this, DBL also secured 55 million USD loan from Ethiopian Development Bank (EDB).
According to Ethiopian News Agency, the project is estimated to cost 100 million USD, and it will be built in Mekele, Tigray State.
Speaking at the signing ceremony, Jan Sadek, Sweden Ambassador to Ethiopia, said he was happy to witness Swedfund engaging in Ethiopia. The project would add great value to the Ethiopian economy and strengthen export, he added.
State Minister of Industry, Taddesse Haile, on his part said the Swedish company H&M has been an eye opener for Ethiopia’s textile industry. “We are in better position in achieving our vision of being textile and garment hub in the global market,” he noted.